Daimler: shares down after weak start to the year
(CercleFinance.com) - Daimler reported weaker than expected first-quarter profit in what the German auto giant called a "weak start to the year" due to a "challenging economic environment.
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This morning the group posted first-quarter net profit of 2.1 billion euros, down from 2.4 billion euros a year ago.
First-quarter sales were down 4% to 773,800 vehicles, the group said, with unit sales at its Mercedes-Benz Cars premium division down 7% in the first three quarters of the year, at 555,312 vehicles.
Daimler confirmed its 2019 targets for unit sales, revenue and earnings, although analysts noted that the bar was now particularly high for the remaining nine months after this slow start to the year.
Daimler shares, which have outperformed the EURO STOXX Automobiles & Parts index by nearly 5% this year, are currently down 0.4% at 57.7 euros.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
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This morning the group posted first-quarter net profit of 2.1 billion euros, down from 2.4 billion euros a year ago.
First-quarter sales were down 4% to 773,800 vehicles, the group said, with unit sales at its Mercedes-Benz Cars premium division down 7% in the first three quarters of the year, at 555,312 vehicles.
Daimler confirmed its 2019 targets for unit sales, revenue and earnings, although analysts noted that the bar was now particularly high for the remaining nine months after this slow start to the year.
Daimler shares, which have outperformed the EURO STOXX Automobiles & Parts index by nearly 5% this year, are currently down 0.4% at 57.7 euros.
Copyright (c) 2019 CercleFinance.com. All rights reserved.